Luck and Hope

This is a discussion on Luck and Hope within the Forex forums, part of the Markets category; A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience. ...

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Old Jun 24, 2013, 7:37am   #1
Joined Apr 2013
Luck and Hope

A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience. Luck and hope have no place in a successful trading plan if your aim is to generate profits on a consistent base. The sooner a new trader understands that placing a trade based on hope that it will move in the desired direction hoping to get lucky is a great strategy to move a portfolio in the opposite direction, the sooner a trader can start to develop the correct skill set.

In theory it does not sound much, but as statistics show 98% of all traders will fail at trading which speaks volumes. A lot of traders tend to subscribe to the wrong trading approach or fail to understand and implement a good trading approach.
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Old Jun 24, 2013, 8:47am   #2
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Re: Luck and Hope

Quote:
A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience.
How do you know this to be the case ?
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Old Jun 24, 2013, 11:40am   #3
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Re: Luck and Hope

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Originally Posted by Rambo35 View Post
A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience. Luck and hope have no place in a successful trading plan if your aim is to generate profits on a consistent base. The sooner a new trader understands that placing a trade based on hope that it will move in the desired direction hoping to get lucky is a great strategy to move a portfolio in the opposite direction, the sooner a trader can start to develop the correct skill set.

In theory it does not sound much, but as statistics show 98% of all traders will fail at trading which speaks volumes. A lot of traders tend to subscribe to the wrong trading approach or fail to understand and implement a good trading approach.
Eggs, Grandma, suck , teach

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Old Jun 24, 2013, 12:17pm   #4
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Re: Luck and Hope

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Eggs, Grandma, suck , teach

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Teaching grandmas to suck anything has no place in trading.

IMHO
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Old Jun 24, 2013, 12:38pm   #5
 
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Re: Luck and Hope

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Originally Posted by wallstreetwarrior87 View Post
Teaching grandmas to suck anything has no place in trading.

IMHO
Rofl.

Well said mate
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Old Jun 24, 2013, 4:07pm   #6
 
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Re: Luck and Hope

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Old Jun 25, 2013, 7:41am   #7
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Re: Luck and Hope

Rambo35 started this thread
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Originally Posted by Trader333 View Post
How do you know this to be the case ?
New traders I have come across in real life and forums. They hold on to loosing trades hoping for a turnaround, they place trades hoping to get lucky. The high failure rate confirms this as well. I understand that there are hundreds of millions of traders and I based my assumption on maybe 100 traders, but if the consumer confidence data can offer a snap shot for over 300 million Americans based on a few hundred respondents and traders think it is a valid snap shot I took the liberty to do something similar.

I could be wrong about this, and I simply write about my experiences with traders I have met and talked to.
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